BTC bear flagging: 17k before correction to 9k

BTC has had a unbelievable year, but it is now starting to come to a head in the final weeks and days of 2017.

Right now, it appears that BTC is making a large bear flag which should see it hit around $17k before potentially dropping to ~$9k.

Now, this is BTC , so there's always a caveat. I've seen BTC break up out of rising wedges , head and shoulders' and bear flags before, so just keep a close eye on the price action around 17k and be prepared to close your longs.

Komen:
BTC is teetering on the edge of the abyss.

On the lower time frames (1HR) it is forming a small h&s

On the bigger time frame (4HR) it is just poking out the bottom of the flag, RSI is turning down and it's just crossing the 50 MA.

As I said at the beginning though, there's always a caveat when providing TA on BTC. It could ignore all of the bearish shapes and continue upwards. With that said, it's in a precarious situation right now.

Komen:
So the small H&S decided to actual break down this time.... fancy that, BTC adhering to a bear shape!

This could be part of a bigger H&S, which I'll chart now.

Komen:
And here is the larger head and shoulders at work:

Let's keep an eye on this.

Komen:
BTC has definitely broken to the down side and this should worry everyone who currently holds BTC.

The bear flag didn't complete, but it's morphed into a descending triangle which has been articulated nicely in the following analysis:

@crimsonr, hey man.. I saw your analysis on BTS and you might be right. I am just late to the party;dont want to buy at .58...what do you think of BCH,seems the wave 4 is completed and ready for wave 5.

Also,have a look at STRAT..that will be the next ETH..I know how that sounds but have a look

@retiringsoon1, As far as I can tell, BCH is following the price patterns of BTC quite closely. There is one notable difference however; BCH is in a much more bullish shape than BTC eg. in a symmetrical triangle and the RSI is bottomed out on the daily. I want to see it hold the lower trend line before outlining any potential targets.

@crimsonr, thanks for the BCH analysis...I agree on the bullishness of it. I was holding my dry powder for BTC but decided to buy BCH yesterday as I see breakout as imminent. Let's see if it will break the BTC correlation.

@retiringsoon1, TBH I'm a too! I'm about 80% cash at the moment. I even thinned out my BTS bag because when BTC tanks, it initially takes everything down with it. Some Alts will recover quickly, but I'm hoping to pick up some New Year's bargains!

This is a fantastic analysis of where we stand today with BTC: https://www.youtube.com/watch?v=6dQs_Cbt5LY